THE AFFAIRS OF A TIMBER COMPANY.

New Zealand Herald, Volume XLIV, Issue 13487, 14 May 1907, Page 3

THE AFFAIRS OF A TIMBER COMPANY.

PETITION FOR WINDING-UP. [by telegraph.— association.] '•'•■ ■':,'; Wellington, Monday. His Honor Mr. Justice Cooper was engaged on Friday in hearing, the petition, of Mrs. Jane Holden Matthews -of i Hampden, ' Hawke's Bay, John Pettit, of Dannevirke, and Ernest Albert Barton, of; Feilding, .for the winding-up of the Hawke's Bay Timber Company; The grounds of the application were that the company was unable to pay its debts, that accommodation had been granted various persons without consideration, , or in excess :of what was ; due by the company, that payments in anticipation of demands had not been repaid or accounted! for, that the company's*, mills were over-valued on the company's books, that there were £10,636 worth of bad debts on the books of the company, and that the book value of the properties had been written up by £13,288, an increase greater than the profit. -Further, the petitioners alleged that the company was unable to carry on business, and the only persons who would benefit by the company continuing were Fritz Jansen, who was receiving a substantial salary as managing director, and other persons who were receiving or had received accommodation from the company. Fritz Jansen, managing director, was called and "cross-examined. He declared that all the financial • proceedings had been perfectly straightforward, and that the com-! pany's position was absolutely good. The reading of affidavits had not concluded when the Court adjourned. -"'..-